Weldon Industrial Gas Corporation supplies acetylene and other compressed gases to industry. Data regarding the store's operations follow:

	Sales are budgeted at $350,000 for November, $370,000 for December, and $360,000 for January.
	Collections are expected to be 75% in the month of sale, 22% in the month following the sale, and 3% uncollectible.
	The cost of goods sold is 74% of sales.
	The company desires an ending merchandise inventory equal to 70% of the cost of goods sold in the following month. Payment for merchandise is made in the month following the purchase.
	Other monthly expenses to be paid in cash are $20,600.
	Monthly depreciation is $15,600.
	Ignore taxes.

Balance Sheet October 31

Assets

Cash

$

21,600

Accounts receivable (net of allowance for uncollectible accounts)

81,600

Merchandise Inventory

181,300

Property, plant and equipment (net of $656,000 accumulated depreciation)

1,170,000

Total assets

$

1,454,500

Liabilities and Stockholders Equity

Accounts payable

$

198,600

Common stock

790,000

Retained earnings

465,900

Total liabilities and stockholders equity

$

1,454,500

Required:

a.

Prepare a Schedule of Expected Cash Collections for November and December. Prepare a Merchandise Purchases Budget for November and December. (Input all amounts as positive values. Do not round intermediate calculations.) Prepare Cash Budgets for November and December. (Input all amounts as positive values.) Prepare Budgeted Income Statements for November and December. Prepare a Budgeted Balance Sheet for the end of December.